Pension planning is vital

A new study has revealed that the number of Brits forced to continue working past the retirement age is continuing to swell, and there is no end in sight as costs continue to rise.

The reasons for these bleak figures are plentiful- recession, dwindling pensions and a lack of financial planning being the main issues. Living costs are also rising in the UK, and many people find that they simply cannot get by without continuing to work well beyond the years they should have stopped.

Financial planning, a lack of, is also a big concern. It seems that many people remain oblivious to the huge benefits that come with adequately planning for their future.

Marino Valensise, chief investment officer at Barings, said: “The outlook for those planning their retirement is very uncertain. We have seen the cost of living continue to rise, making retirement more expensive.”

The latest statistics show that retiring abroad is at its most popular. As Britain becomes less of an attractive place to live, retirees in the UK are now much more open to finding a better quality of life overseas.

However, to successfully become expatriate pensioners, people must first find a suitable location, and make sure they have enough money saved up to enjoy a comfortable retirement.

Pensioners who move abroad need to manage their finances in a manner that will enable them to achieve retirement bliss through their savings and pension income.

Another statistic, albeit a more worrying one, is that a large amount of retirees are not seeking out financial advice. Financial advice is incredibly important, especially for expats. There are a number of financial products and pensions schemes that are available to expat retirees, and in some cases you may not be aware of these if you do not speak to an adviser.

For expat retirees, a great option is the QROPS. QROPS, Qualifying Recognised Overseas Pension Scheme, is a pension transfer available to all people who have a UK pension. It is completely recognised by HMRC and is a legitimate way to maximise your existing pension, and thus get more out of your foreign retirement.